Just three days after his inauguration in January, President Trump signed one Executive order that he had promised on the campaign path and built a working group for digital assets that consisted of high -ranking administrative figures that would initiate a new era for crypto in the USA
On Wednesday, the group included the finance minister Scott Bessent, the AI and the crypto zar David Sacks and other leading civil servants report The new approach of the administration that Trump promised would be a departure from his predecessor, President Biden, who set off the blockchain industry.
The report describes different priority areas for the White House, which in the further processes refer to the creation of rules in the Genius Act, a legislative template to determine the regulation for stable coins passed After the congress in early July to modernize the anti-money laundering rules.
In a press conference call on Wednesday, the high -ranking administrative figures have advertised the report as the “most comprehensive product that has ever been produced in terms of digital assets”. But when the congress discusses an ambitious bill to create guards in terms of cryptocurrencies and stock exchanges, and federal authorities think about how the work of the White House is just beginning.
Search for clarity
While Trump fully took on the role of the Krypto President, the report on Wednesday is not the first from the White House. The bidges management released His own in September 2022, just a few weeks before the collapse of Sam Bankman-Brats Crypto Exchange FTX.
The Biden report has submitted a time of the enforcement measures of agencies such as the Ministry of Justice, the security and Exchange Commission as well as the Commodity Futures Trading Commission against Top -Krypto companies Coin base. In response to this, the blockchain industry made a campaign for the election of pro-crypto politicians who are filled with hundreds of million dollars of campaign donations.
It turned out to be a success, with Trump promised a number of cryptopolitics, including a strategic Bitcoin Reserve, the pardon of silk road founder Ross Ulbricht and the crypto legislation. He has already fulfilled many of the commitments, whereby the report on Wednesday has completed a flood of Executive Order, which he signed immediately after taking office. The composition of the working group, filled with pro-crypto officials, reflects the massive sea changes from the bidet management.
While a great victory for the crypto industry, the report still leaves open questions, including those who relate to the future scope of the Federal Government’s crypto reserve. In the press call, an official said that the report focuses more on a regulatory framework than on the reserve, and said that further information should be available soon.
The report also recognizes the restrictions of reality that the congress has not yet passed a market structure calculation that would determine a more comprehensive regulations for the granting of cryptocurrencies and the operation of exchanges such as the granting of cryptocurrencies Coin base. While the report encourages the SEC and the CFTC to better clarify important functions such as registration, custody and trade, many market participants remain in the floating, while congress continues to discuss legislation.
Although the Senate and the House of Representatives were able to agree to a legislative template of StableCoin, the impending market structure law will probably remain a major challenge. The high -ranking civil servants of the Trump administration argued that the house version – the Clarity Act – received non -partisan support, whereby the report indicates the draft law as a “control star” for the market structure.
“You built the right basis for this house,” added the official.
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